Interview Questions and Answers

1. Tell me about yourself.

o Answer: "I am a recent graduate from Lyceum of the Philippines University -
Cavite with a Bachelor of Science in Business Administration, majoring in
Management Accounting. During my internship at the university bookstore, I
gained practical experience in generating sales reports, reconciling sales records,
and managing inventory. I am passionate about applying my skills in accounting
and am eager to contribute to the success of your company."
2. Why do you want to work as an accounting staff?
o Answer: "I have always been drawn to the precision and analytical nature of
accounting. My academic background and internship experience have solidified
my interest in this field. I want to work as an accounting staff to utilize my skills
in financial analysis and reporting, and to help the company maintain accurate
financial records and make informed financial decisions."
3. What experience do you have that makes you a good fit for this position?
o Answer: "During my internship at the university bookstore, I was responsible for
generating sales reports, reconciling sales data, and managing inventory. These
tasks required a high level of accuracy and attention to detail, which I believe are
crucial skills for an accounting staff position. Additionally, my educational
background in management accounting has provided me with a strong foundation
in financial principles and practices."
4. How do you handle tight deadlines?
o Answer: "I handle tight deadlines by prioritizing my tasks, staying organized, and
maintaining clear communication with my team. During my internship, I often
had to manage multiple tasks simultaneously, such as daily sales input and
inventory management. By creating a detailed schedule and focusing on one task
at a time, I was able to meet deadlines without compromising the quality of my
work."
5. Describe a time when you had to solve a complex problem.
o Answer: "During my internship, there was an instance where the sales records did
not match the university's financial records. I had to meticulously review both sets
of data to identify discrepancies. After identifying the issue, I collaborated with
the finance department to reconcile the records. This experience taught me the
importance of attention to detail and effective communication in solving complex
problems."
6. How do you ensure accuracy in your work?
o Answer: "I ensure accuracy by double-checking my work, using reliable tools
and software, and staying up-to-date with accounting principles and standards.
For example, while generating sales reports, I would cross-reference the data with
previous reports and use accounting software to minimize errors. Additionally, I
always review my work before submission to ensure it is accurate and complete."
7. What accounting software are you familiar with?
o Answer: "I am familiar with several accounting software programs, including
QuickBooks, SAP, and Microsoft Excel. During my internship, I primarily used
Excel for sales data input and report generation. I am also open to learning any
 new software that your company uses to ensure seamless integration into your
team."

8. How do you prioritize your tasks when you have multiple deadlines?
o Answer: "I prioritize tasks based on their deadlines and importance. I start by
creating a to-do list and breaking down each task into smaller steps. I use tools
like calendars and project management software to keep track of deadlines and
progress. Additionally, I communicate with my supervisor and team to ensure that
I am aligning my priorities with the company's objectives."
9. How do you stay updated with changes in accounting standards and regulations?
o Answer: "I stay updated by regularly reading industry publications, attending
webinars, and participating in professional accounting organizations. I also take
advantage of online courses and training programs to ensure that I am
knowledgeable about the latest standards and regulations. This continuous
learning helps me maintain accuracy and compliance in my work."
10. Can you give an example of a time when you identified an error in financial data?
o Answer: "During my internship, I noticed a discrepancy in the daily sales report
that did not match the inventory levels. Upon investigation, I found that some
sales were not recorded due to a barcode scanning error. I reported the issue to my
supervisor and implemented a double-check system to prevent future occurrences.
This experience reinforced the importance of vigilance and attention to detail in
financial data management."
11. Describe your experience with financial reporting.
o Answer: "In my role as an accounting intern, I was responsible for generating and
analyzing sales reports for the bookstore. This involved collecting data, using
Excel to organize and present the information, and identifying trends and key
financial metrics. I also assisted in preparing monthly and quarterly financial
statements, ensuring they were accurate and complied with accounting standards."
12. How do you ensure confidentiality and security of financial data?
o Answer: "I ensure confidentiality and security of financial data by following
company policies and best practices for data protection. This includes using
strong passwords, accessing data only on secure networks, and regularly updating
software to protect against vulnerabilities. Additionally, I am mindful of who has
access to sensitive information and follow protocols for sharing data securely."
13. What do you think is the most challenging aspect of accounting?
o Answer: "I believe the most challenging aspect of accounting is staying current
with the constantly evolving regulations and standards. However, I view this as an
opportunity for continuous learning and professional growth. By staying proactive
in my education and networking with industry professionals, I can adapt to
changes and ensure compliance in my work."
14. How do you handle discrepancies in financial records?
o Answer: "When I encounter discrepancies in financial records, I first review the
data to identify the source of the error. This involves comparing records, checking
for data entry mistakes, and verifying transactions. Once I pinpoint the issue, I
correct it and document the changes. I also analyze the root cause to prevent
 similar discrepancies in the future, ensuring accurate and reliable financial
reporting."

15. What accounting principles do you follow?

o Answer: "I follow Generally Accepted Accounting Principles (GAAP) as they
provide a standardized framework for financial reporting. These principles ensure
consistency, transparency, and comparability of financial statements. I am also
familiar with International Financial Reporting Standards (IFRS) and keep
updated on any changes to these standards."
16. Can you explain a complex accounting concept in simple terms?
o Answer: "Sure, let's take depreciation as an example. Depreciation is the process
of allocating the cost of a tangible asset over its useful life. Instead of expensing
the entire cost of an asset in the year it is purchased, depreciation spreads this cost
over several years, reflecting the asset's usage and wear and tear over time. This
helps in matching the expense with the revenue it generates, providing a more
accurate picture of a company's financial performance."
17. How do you approach learning a new accounting system or software?
o Answer: "When learning a new accounting system or software, I start by
exploring its features and functionalities through user manuals and tutorials. I also
take advantage of any available training sessions or online courses. Hands-on
practice is crucial, so I spend time experimenting with the software to understand
its capabilities and limitations. Additionally, I seek guidance from colleagues who
are experienced with the system to gain practical insights."
18. Describe a situation where you had to work as part of a team to achieve a goal.
o Answer: "During my internship, our team was tasked with preparing the annual
inventory report for the bookstore. This involved coordinating with various
departments to collect accurate data, verifying stock levels, and ensuring that all
items were accounted for. We divided the tasks among team members based on
our strengths and held regular meetings to track progress and address any issues.
Through effective collaboration and communication, we completed the report on
time and with high accuracy."
19. How do you manage to stay focused and productive in a repetitive job?
o Answer: "In a repetitive job, I stay focused by setting clear goals and breaking
tasks into manageable chunks. I also vary my routine to keep things interesting,
such as taking short breaks to recharge and using productivity tools to track my
progress. Additionally, I remind myself of the importance of accuracy and
attention to detail in my work, which motivates me to maintain a high standard of
performance."
20. What is your experience with tax preparation and compliance?
o Answer: "While my primary experience is in financial reporting and analysis, I
have also gained some exposure to tax preparation and compliance during my
coursework and internship. I assisted in gathering necessary documents,
organizing data, and ensuring that all transactions were accurately recorded for
tax reporting purposes. I am familiar with basic tax concepts and regulations and
am eager to expand my knowledge in this area."
21. How do you handle confidential information?
o Answer: "Handling confidential information requires strict adherence to company
policies and ethical standards. I ensure that sensitive data is accessed only by
authorized personnel and stored securely. I avoid discussing confidential
information in public or unsecured settings and follow protocols for sharing data,
such as using encrypted communication channels. Maintaining confidentiality is
critical to building trust and protecting the company's integrity."

22. How do you handle working under pressure?

o Answer: "I handle working under pressure by staying organized and maintaining
a calm mindset. I prioritize tasks based on urgency and importance, break them
down into smaller steps, and focus on one task at a time. I also make sure to
communicate with my team and supervisors if I need assistance or if deadlines
need to be adjusted. Taking short breaks and practicing stress-relief techniques
also help me stay focused and productive."
23. Describe your experience with financial audits.
o Answer: "During my internship, I assisted with internal audits by preparing
necessary documentation, organizing financial records, and verifying transactions.
I also helped identify discrepancies and worked with auditors to correct any
issues. This experience taught me the importance of thoroughness, attention to
detail, and clear communication in the auditing process."
24. How do you stay organized when managing multiple tasks?
o Answer: "I stay organized by using tools like to-do lists, calendars, and project
management software to track deadlines and progress. I also prioritize tasks based
on their deadlines and importance, and I regularly review and adjust my plans as
needed. Keeping my workspace tidy and minimizing distractions also helps me
stay focused and efficient."
25. What steps do you take to ensure compliance with accounting regulations?
o Answer: "To ensure compliance with accounting regulations, I stay updated on
the latest standards and guidelines by reading industry publications, attending
training sessions, and participating in professional organizations. I also follow
company policies and procedures, conduct regular reviews of financial records,
and ensure that all transactions are accurately recorded and documented. When in
doubt, I seek guidance from senior colleagues or external experts to ensure
compliance."
26. Can you provide an example of how you improved a process at work?
o Answer: "During my internship, I noticed that the inventory management process
was time-consuming and prone to errors due to manual data entry. I suggested
implementing a barcode scanning system to automate data entry and improve
accuracy. After gaining approval, I helped set up the system and train staff on its
use. This resulted in faster inventory checks, reduced errors, and improved overall
efficiency."
27. How do you handle conflicts with colleagues?
o Answer: "I handle conflicts with colleagues by addressing the issue calmly and
professionally. I listen to their perspective, express my own views respectfully,
and seek common ground to resolve the issue. If necessary, I involve a supervisor
or mediator to facilitate the discussion. My goal is to find a solution that benefits
both parties and maintains a positive working relationship."
28. What motivates you in your work?
o Answer: "I am motivated by the opportunity to contribute to the success of the
company and the satisfaction of completing tasks accurately and efficiently. I
enjoy solving problems and finding ways to improve processes. Additionally,
continuous learning and professional development motivate me to stay updated
with the latest trends and advancements in accounting."

29. How do you handle tight deadlines?

o Answer: "I handle tight deadlines by planning ahead and prioritizing tasks. I
break down larger tasks into smaller, manageable steps and set interim deadlines
to ensure steady progress. Effective time management and staying organized are
key. Additionally, I communicate with my team and supervisors to align
expectations and, if necessary, delegate tasks to ensure timely completion."
30. What are some common mistakes in accounting, and how do you avoid them?
o Answer: "Common mistakes in accounting include data entry errors, omission of
transactions, and misclassification of accounts. To avoid these mistakes, I double-
check my work, use accounting software to automate processes where possible,
and maintain thorough documentation. Regular reconciliations and reviews also
help identify and correct errors promptly."
31. Can you describe a time when you had to explain a complex financial concept to a
non-financial colleague?
o Answer: "During my internship, I had to explain the concept of depreciation to a
colleague from the marketing department who was preparing a budget. I used
simple language and analogies, comparing depreciation to spreading the cost of a
major purchase like a car over several years. I also provided visual aids, such as
charts, to illustrate how depreciation affects the financial statements over time."
32. How do you ensure accuracy in your work?
o Answer: "To ensure accuracy, I follow a systematic approach to my tasks,
double-check my work, and use accounting software to minimize errors. I also
stay organized, maintain detailed records, and regularly review my work against
source documents. If I'm uncertain about something, I seek clarification or consult
with a colleague or supervisor."
33. What experience do you have with budgeting and forecasting?
o Answer: "In my coursework and internship, I gained experience in budgeting and
forecasting by assisting in the preparation of annual budgets and financial
forecasts. This involved analyzing historical data, identifying trends, and making
assumptions about future revenues and expenses. I also used spreadsheet software
to create budget models and scenario analyses."
34. Describe your experience with handling confidential information.
o Answer: "I understand the importance of confidentiality in accounting and have
experience handling sensitive information. During my internship, I dealt with
financial records that contained personal and company data. I followed strict
protocols to ensure this information was stored securely and only accessed by
authorized personnel. I also avoided discussing sensitive information in public or
unsecured settings."
35. How do you keep yourself motivated when working on repetitive tasks?
o Answer: "I stay motivated by setting small goals and rewarding myself upon
completion. I also remind myself of the importance of accuracy in accounting and
how my work contributes to the overall success of the company. Additionally, I
vary my routine, take short breaks, and use productivity tools to maintain focus
and efficiency."
Exam Questions

1. Multiple Choice:
o Q: What is the primary purpose of financial accounting?
 a) To track inventory levels
 b) To provide information to external stakeholders
 c) To manage daily operations
 d) To develop marketing strategies
o A: b) To provide information to external stakeholders
2. True/False:
o Q: The reconciliation process involves comparing two sets of records to ensure
they are in agreement.
o A: True
3. Short Answer:
o Q: Explain the importance of accurate inventory management.
o A: Accurate inventory management is crucial because it ensures that there are
sufficient stock levels to meet customer demand without overstocking, which can
tie up capital. It also helps prevent stockouts and reduces the risk of inventory
obsolescence.
4. Problem-Solving:
o Q: You are given the following sales data for a bookstore for one week. Identify
any discrepancies and suggest possible reasons for these discrepancies.
 Monday: $500
 Tuesday: $700
 Wednesday: $600
 Thursday: $700
 Friday: $500
 Saturday: $1200
 Sunday: $400
o A: To identify discrepancies, you would compare the provided sales data with the
recorded sales in the financial system. Possible reasons for discrepancies could
include data entry errors, unrecorded sales, or timing differences in recording
sales.
5. Essay:
o Q: Discuss the role of ethical standards in accounting and how they impact
financial reporting.
o A: Ethical standards in accounting are essential for ensuring transparency,
accuracy, and integrity in financial reporting. These standards prevent fraud and
misrepresentation of financial data, thereby maintaining stakeholder trust and
ensuring that financial statements provide a true and fair view of the company's
financial position. Adhering to ethical standards also helps accountants comply
with legal and regulatory requirements, reducing the risk of legal penalties and
reputational damage.
6. Multiple Choice:
o Q: What is the primary purpose of a trial balance?
 a) To prepare financial statements
 b) To check the accuracy of the ledger accounts
 c) To calculate net income
 d) To manage cash flow
o A: b) To check the accuracy of the ledger accounts
7. True/False:
o Q: Depreciation is a method of allocating the cost of a tangible asset over its
useful life.
o A: True
8. Short Answer:
o Q: What are the key components of a financial statement?
o A: The key components of a financial statement include the balance sheet, income
statement, statement of cash flows, and statement of changes in equity. These
components provide a comprehensive view of a company's financial position,
performance, and cash flow activities.
9. Problem-Solving:
o Q: You notice a $500 discrepancy between the cash register receipts and the
actual cash in the drawer. How would you address this issue?
o A: To address the discrepancy, I would first review the cash register receipts and
compare them with the recorded sales. I would then check for any errors in data
entry or transactions that were not recorded. If necessary, I would interview the
staff involved to understand any potential issues. Finally, I would document my
findings and take corrective actions to prevent future discrepancies, such as
implementing stricter cash handling procedures.
10. Essay:
o Q: Explain the importance of internal controls in accounting and provide
examples of common internal controls.
o A: Internal controls are essential in accounting to ensure the accuracy and
reliability of financial reporting, prevent fraud, and safeguard assets. They help
maintain compliance with laws and regulations and promote operational
efficiency. Common internal controls include segregation of duties, requiring
authorization for transactions, regular reconciliation of accounts, and maintaining
thorough documentation. For example, separating the duties of cash handling and
recording transactions can prevent misappropriation of funds. Regular audits and
reviews also serve as internal controls to detect and correct errors or irregularities.

11. Multiple Choice:

o Q: Which of the following is not an asset?
 a) Cash
 b) Accounts Receivable
 c) Accounts Payable
 d) Inventory
o A: c) Accounts Payable
12. True/False:
o Q: The matching principle in accounting requires that expenses be recorded in the
period in which they are incurred, regardless of when the payment is made.
o A: True
13. Short Answer:
o Q: What is the purpose of a bank reconciliation statement?
o A: The purpose of a bank reconciliation statement is to reconcile the differences
between the bank balance shown in a company's bank statement and the
corresponding amount shown in the company's own accounting records. This
helps identify any discrepancies due to errors, omissions, or unauthorized
transactions.
14. Problem-Solving:
o Q: You find that an invoice has been entered twice in the accounting system.
How would you correct this error?
o A: To correct this error, I would first confirm that the invoice was indeed
duplicated by checking the original documentation. Then, I would reverse the
duplicate entry by creating a credit note or adjusting entry to nullify the second
entry. I would also document the correction and review the process to prevent
future occurrences of similar errors.
15. Essay:
o Q: Discuss the importance of the accrual basis of accounting compared to the
cash basis of accounting.
o A: The accrual basis of accounting is important because it provides a more
accurate picture of a company's financial position and performance. Under the
accrual basis, revenues and expenses are recorded when they are earned or
incurred, regardless of when the cash is received or paid. This method aligns with
the matching principle, ensuring that revenues and related expenses are recorded
in the same period. It helps in presenting a realistic view of a company's
profitability and financial health, which is crucial for decision-making by
stakeholders. In contrast, the cash basis of accounting records transactions only
when cash changes hands, which can distort the true financial performance and
position, especially for businesses with significant receivables or payables.

16. Multiple Choice:

o Q: What is the main purpose of the statement of cash flows?
 a) To show the financial position of the company
 b) To report the company's revenues and expenses
 c) To provide information about cash receipts and cash payments during a
period
 d) To show changes in shareholders' equity
o A: c) To provide information about cash receipts and cash payments during a
period
17. True/False:
o Q: A company’s balance sheet shows its financial position at a specific point in
time.
o A: True
18. Short Answer:
o Q: What is the difference between accounts payable and accounts receivable?
o A: Accounts payable are amounts a company owes to its suppliers or vendors for
goods and services received but not yet paid for. Accounts receivable are amounts
owed to the company by its customers for goods and services delivered but not
yet paid for.
19. Problem-Solving:
o Q: A company's trial balance shows a difference of $200. What steps would you
take to find and correct this discrepancy?
o A: To find and correct the discrepancy, I would:

1. Recheck the trial balance calculations to ensure they are accurate.

2. Verify that all ledger accounts are correctly totaled and included in the
trial balance.
3. Compare the ledger entries against source documents to identify any
missing or incorrect entries.
4. Look for common errors, such as transposition errors or double entries.
5. Once the error is identified, make the necessary adjusting entry to correct
the discrepancy and ensure the trial balance totals are equal.

20. Essay:
o Q: Explain the concept of double-entry bookkeeping and its importance in
accounting.
o A: Double-entry bookkeeping is an accounting system where every transaction
affects at least two accounts, ensuring that the accounting equation (Assets =
Liabilities + Equity) remains balanced. Each transaction involves a debit entry in
one account and a corresponding credit entry in another account. This method
provides a complete record of financial transactions, helps detect and prevent
errors, and ensures the accuracy of financial statements. It also facilitates the
preparation of financial reports, which are essential for decision-making by
stakeholders. The double-entry system's inherent checks and balances make it a
reliable and widely used accounting practice.
21. Multiple Choice:
o Q: What is the purpose of an adjusting entry in accounting?
 a) To record transactions that have not been captured in the general ledger
 b) To correct errors in the financial statements
 c) To allocate income and expenses to the correct accounting period
 d) To reconcile bank statements
o A: c) To allocate income and expenses to the correct accounting period
22. True/False:
 o Q: The income statement reports a company’s financial performance over a
specific period.
o A: True

23. Short Answer:

o Q: What is the accrual basis of accounting?
o A: The accrual basis of accounting records revenues and expenses when they are
earned or incurred, regardless of when cash is received or paid. This method
provides a more accurate representation of a company's financial position and
performance compared to the cash basis of accounting.
24. Problem-Solving:
o Q: You are preparing financial statements and notice that some expenses have
been incorrectly categorized. How do you correct this?
o A: To correct this, I would:

1. Identify the expenses that have been incorrectly categorized.

2. Determine the correct categories for these expenses.
3. Make adjusting journal entries to move the expenses to the appropriate
accounts.
4. Review the financial statements to ensure that the corrections have been
accurately reflected.
5. Document the changes and update any related financial records or reports.

25. Essay:
o Q: Discuss the importance of budgeting in financial management and how it can
impact a company’s performance.
o A: Budgeting is a critical aspect of financial management as it provides a
framework for planning and controlling a company's financial resources. It
involves setting financial goals, estimating revenues and expenses, and allocating
resources accordingly. A well-prepared budget helps management make informed
decisions, prioritize spending, and identify potential financial challenges before
they arise. It also serves as a benchmark for measuring actual performance against
planned objectives, allowing for timely adjustments and corrective actions.
Effective budgeting can lead to better cash flow management, improved
profitability, and overall financial stability, ultimately contributing to the
company's success and growth.

26. Multiple Choice:

o Q: Which of the following financial statements shows a company's financial
position at a specific point in time?
 a) Income Statement
 b) Statement of Cash Flows
 c) Balance Sheet
 d) Statement of Changes in Equity
 o A: c) Balance Sheet
27. True/False:
o Q: A trial balance lists all the accounts and their balances to ensure that debits
equal credits.
o A: True

28. Short Answer:

o Q: What is the purpose of a general ledger?
o A: The general ledger is a comprehensive record of all financial transactions
made by a company. It serves as the central repository for accounting data,
summarizing transactions from all subsidiary ledgers and providing the basis for
preparing financial statements.
29. Problem-Solving:
o Q: You find that an expense was recorded in the wrong period. How do you
correct this?
o A: To correct this, I would make an adjusting entry to remove the expense from
the incorrect period and record it in the correct period. This ensures that the
financial statements accurately reflect the timing of the expense, in accordance
with the matching principle.
30. Essay:
o Q: Discuss the role of ethics in accounting and how it impacts financial reporting.
o A: Ethics in accounting is crucial for maintaining trust and integrity in financial
reporting. Accountants are responsible for providing accurate and honest
information to stakeholders, including investors, regulators, and the public.
Ethical behavior ensures that financial statements are free from fraud,
manipulation, and misrepresentation. It involves adhering to principles such as
integrity, objectivity, confidentiality, and professional competence. Ethical
accounting practices promote transparency, accountability, and reliability, which
are essential for making informed business decisions and maintaining public
confidence in the financial markets. Unethical behavior, on the other hand, can
lead to legal penalties, financial loss, and damage to an organization's reputation.
31. Multiple Choice:
o Q: What is the primary purpose of adjusting entries in the accounting cycle?
 a) To close temporary accounts
 b) To record revenues and expenses in the correct period
 c) To reconcile the bank statement
 d) To prepare the trial balance
o A: b) To record revenues and expenses in the correct period
32. True/False:
o Q: The equity section of a balance sheet shows the residual interest in the assets
of the entity after deducting liabilities.
o A: True
33. Short Answer:
o Q: What is the difference between a debit and a credit in accounting?
o A: In accounting, a debit increases asset or expense accounts and decreases
liability, equity, or revenue accounts. Conversely, a credit decreases asset or
expense accounts and increases liability, equity, or revenue accounts.
34. Problem-Solving:
o Q: During the bank reconciliation process, you find that a check recorded in the
company's books has not cleared the bank. What steps do you take?
o A: I would include the outstanding check as a reconciling item on the bank
reconciliation statement. This means noting the check amount and the fact that it
has not yet been processed by the bank. I would also ensure that the check is
accurately recorded in the company's books and follow up in the subsequent
period to confirm it has cleared.
35. Essay:
o Q: Explain the significance of internal controls in accounting and provide
examples of common internal controls.
o A: Internal controls are processes and procedures implemented by an organization
to ensure the integrity of financial and accounting information, promote
accountability, and prevent fraud. They are crucial for safeguarding assets,
ensuring the accuracy and completeness of financial records, and promoting
operational efficiency. Common internal controls include segregation of duties,
where different individuals handle different aspects of a transaction to prevent
fraud; authorization and approval of transactions, ensuring that all transactions are
reviewed and approved by designated personnel; and regular reconciliation of
accounts, comparing internal records with external statements to identify and
correct discrepancies. Other controls include physical safeguards, such as locking
up cash or inventory, and documentation procedures, ensuring that all transactions
are recorded and supporting documents are maintained. Effective internal controls
help organizations maintain accurate financial reporting, comply with laws and
regulations, and achieve their operational and financial goals.